Singapore’s top 100 companies lead globally in sustainability reporting as Asia-Pacific dominates ESG disclosures

SINGAPORE – Media OutReach – 18 October 2022 – Singapore’s top 100 companies have outperformed the global average in sustainability reporting across six out of 12 indicators, according to KPMG’s 2022 Survey of Sustainability Reporting. The survey, which covers the largest 100 companies in 58 countries, shows that Singapore’s sustainability reporting rate reached 100% in 2022, up from 81% in 2020, surpassing the global average of 79%.

Asia-Pacific leads globally, with 89% of companies reporting on sustainability, followed by Europe (82%), the Americas (74%), and the Middle East and Africa (56%). Regional differences in reporting content are largely driven by varying regulations and priorities.

Globally, 79% of companies in the N100 (the top 100 firms in each country) produce sustainability reports, up from two-thirds a decade ago. Among the world’s top 250 firms, 96% now report on sustainability, reflecting a growing commitment to addressing climate change and social equity. Despite this, there is a notable disconnect between companies’ stated goals and the urgency needed to tackle global challenges.

Singapore leads the way, with all of its N100 companies aligning with Global Reporting Initiative (GRI) standards and 85% following Singapore stock exchange guidelines. The country also exceeds global averages in areas such as reporting carbon reduction targets and integrating sustainability into governance and compensation structures.

Cherine Fok, Partner of KPMG ESG in Singapore, said, “Singapore’s leadership in sustainability reporting is an encouraging sign of progress and a reflection of the country’s commitment to climate goals. Recent regulatory moves, including revisions to carbon tax rates and green policies, have helped accelerate sustainability efforts.”

Despite significant progress, challenges remain. Less than half of the world’s largest companies report on social and governance risks, and fewer still address biodiversity loss.

The KPMG survey emphasizes the need for better integration of non-financial data into sustainability reports and encourages companies to be more transparent in areas such as governance and social impact.

Overall, the report calls for more decisive action from businesses, especially in light of global climate goals, and highlights the need for consistent, globally recognized sustainability standards.

Hashtag: #KPMG The issuer is solely responsible for the content of this announcement.